In FOMO Rally, Investors Forget ‘Cardinal Rule’

"Don't fight the Fed," says the old adage. But that's exactly what traders -- carbon-based and otherwise -- did in January, when stocks roared higher despite Fed rhetoric which, although consistent with the expected downshift to "regular" rate-hike increments for whatever's left of the cycle, retained an obstinate tone vis-à-vis policymakers' intention to keep rates high for a prolonged period. "A Fed pause is undoubtedly worth some lift to stocks but once again we want to remind readers that